Mikaere's basis in the Jimsoo Partnership is $$56,500.$ In a proportionate liquidating distribution, Mikaere receives cash of $$7,700$ and two capital assets: $(1)$ Land A with a fair market value of $$21,400$ and a basis to Jimsoo of $$17,050,$ and $(2)$ Land B with a fair market value of $$10,525$ and a basis to Jimsoo of $$17,050.$ Jimsoo has no liabilities.

Required:

c$1.$ If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to Mikaere $($amount and character of gain or loss$)?$

c$2.$ What is Mikaere's basis in distributed assets?